In an event that needs to be seen to be believed, Greater Bank have today cut their fixed home loan rates across 1 - 5 year terms for owner occupiers and 1 - 3 year terms for investors to what might be an unprecedented low for the lender.
If you haven’t heard the latest news, Greater Bank have made the move to cut fixed rates this morning, with their one year fixed rate hitting a jaw dropping 2.99% (4.42% comparison rate*) - making it the lowest one year fixed rate on the market, according to CEO, Scott Morgan.
Bank of Queensland and Virgin Money have announced new rock bottom home loan rates on home loans for both owner-occupiers and investors, effective from today.
Popular bank and home loan provider ING are set to cut home loan rates for new borrowers by 17 basis points tomorrow, on both their Orange Advantage and Mortgage Simplifier owner occupier, principal and interest home loans.
In a bid to encourage older Aussies to live at home longer, the Federal Government has announced it will launch a revamped Pension Loan Scheme, which accepts the value of your home as security against a loan.
Aussie borrowers hoping to receive a rate cut when the Reserve Bank meets next Tuesday are in for some good news. Dozens of lenders have already started slashing variable and fixed home loan rates ahead of the RBA's decision, and there are some huge savings already on offer.
Lenders are rolling out the red carpet to new home loan customers in a discounting frenzy that is driving huge bargains for savvy borrowers. Discounted rates, fee waivers, cashback and rewards points are all on offer right now to entice borrowers, and these killer deals could save Aussies save a tonne on their mortgage.
The Australian Prudential Regulation Authority (APRA) has made a proposal to adjust current serviceability assessments banks perform when sorting through prospective home loan borrowers.
The Reserve Bank of Australia may have kept the cash rate on hold, but loans.com.au has gone ahead and announced its own cuts to its fixed rate home loan for the second time in five weeks.
Today, ME Bank announced it will be cutting rates across a range of its packaged and non-packaged home loans for fixed and variable rates.